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1860 München face insolvency after relegation


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Former Bundesliga champions 1860 Munich's relegation to Germany's third division has plunged the club into chaos amid recriminations over who is responsible.

"Nobody around the club ever expected or wanted that we dropped to the third division," 1860 said on their website on Wednesday. "We know that this scenario is not acceptable for the whole 'Lions' family. In such a situation, there are only losers unfortunately."

It could yet get worse for the Munich-based club, which will be forced to declare insolvency unless Jordanian investor Hasan Ismaik reaffirms his commitment to the club. 1860 has untli Friday to transfer about €5 million to the German Football Federation (DFB) to receive a license for the third division.

"The license cannot be obtained unless there are further payments from Mr Ismaik," DFB vice president Rainer Koch told Sky Sport News.

Ismaik didn't attend the game on Tuesday and his intentions remain unclear. Many fans would rather he left the club altogether. However, the club faces possible insolvency if he withdraws his support, and a free-fall to the lower levels. Most 1860 players are set to leave the club as they don't have contracts that are valid in the third division.

1860 president Peter Cassalette resigned after the match. The club announced that chief executive Ian Ayre, the former Liverpool chief executive who only took up the position in April, had already tendered his resignation before the game.

Ayre was scathing in his criticism of 1860's backers, telling the Liverpool Echo: "Unfortunately, during my short eight-week tenure I have found an organisation in which the shareholders are not aligned in a common interest, nor have a shared vision for the future of the club."

Ayre said Ismaik's investment in the club "will not bear fruit unless all shareholders align behind shared objectives for the future with respect for each other. Currently this is not the case."

Equipped with the third most expensive squad in the 2. Bundesliga after Stuttgart and Hannover -- who both secured their return to the top flight -- 1860 finished third from bottom this season. It was relegated Tuesday after a playoff defeat to Jahn Regensburg, a team that had been playing fourth-tier football the season before.

1860's 2-0 defeat at home in the second leg was marred by violence from angry fans, shouting "we're fed up," as objects, including seats, were flung onto the pitch toward the end of the match. Around 1,000 riot police lined up to prevent the situation escalating as the game was held up for 15 minutes. Munich police said 10 officers were slightly injured.

"A shameful evening in Froettmaning," Kicker magazine said of the neighborhood where 1860 shares its stadium with city rivals Bayern Munich. Whether the ground-share continues remains open.

1860, which won the Bundesliga in 1966 and had played in the top flight as recently as 2004, returned to the third level for the first time in 24 years. It's just the latest in a series of embarrassing setbacks for the club, funded primarily by Ismaik, who had promised to lead it to the top levels of European football.

"We're on the right path to turn 1860 into one of the best clubs in Europe," Ismaik said last September. "Then the players will also be proud to be part of this club."

1860 brought in players like Stefan Aigner from Eintracht Frankfurt and Brazilian forward Ribamar from Botafogo. Croatian veteran Ivica Olic joined on a free transfer from Hamburg, believing, like many, that 1860 was a club on the way up.

But the season didn't go as planned. Kosta Runjaic was sacked as coach amid acrimony in November after seven defeats and just two wins from 12 league games. 1860 was also knocked out of the DFB Pokal in the second round.

Meanwhile, Olic was fined and suspended for two games for illegal betting on second-division matches. To make matters worse, 1860's under-21, under-19, under-17 and under-16 teams were all also relegated this season.

Sports director Thomas Eichin followed Runjaic out of the club; chief scout Peer Jaekel was next to go. All three subsequently brought proceedings against 1860.

Daniel Bierofka took over as interim coach, the latest at a club where no coach had seen through a whole season since Rainer Maurer from July 2010 to November 2012.

Former Porto coach Vitor Pereira was eventually appointed in December to turn 1860's season around, but even he had no answers when the worst was confirmed on Tuesday.

"It pains me immensely that the project failed," Pereira said. "My conscience is clear that I did all I could."

The Portuguese coach, who is unlikely to hang around in the third division, received sympathy from Jahn counterpart Heiko Herrlich, who said, "1860 is a historic club. I'm sorry from the bottom of my heart for the club, which actually belongs in the Bundesliga."

The DFB is investigating the disturbances that marred the end of the game and 1860 faces heavy consequences.

"It's a catastrophe," 1860 midfielder Michael Liendl said.

Source: https://www.espnfc.com/tsv-1860-munich/story/3137031/1860-munich-in-chaos-after-shame-of-relegation-to-german-third-tier

 

So basically their president resigned, their CEO resigned, they need around 20 million Euro investment until Friday to be granted license for the 3rd league, and there are only 6 players in the squad with contracts that are valid for the 3rd divison, the rest can and are already starting to leave on a free transfer. There are reports coming in that the players and the staff haven't been paid and that the club's accounts have been cleared, signaling Ismaik's potential withdrawal; he didn't even attend the last match and his intentions remain unclear.

Sad to see them in a state like that, but maybe it will serve as a lesson for the rest not to rely on rich shady characters who've got neither clue nor club's best interests at heart.

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As someone who almost chose 1860 as their German team, I must say it sucks to read about this. I understand that people hate their foreign investment, but the fans don't deserve this. Sucks and I hope it all gets sorted.

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1860 died already a few years ago. I love my club but if something like that would have happened in Duisburg there is no chance I still would have gone to the stadium.

Seriously. I definitely think a fresh start is the best for this club. 

 

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For their own sake, I hope they'll fill for insolvency, disband their first team (nothing much left to disband, to be fair) and get a fresh start with young players in Regionalliga without Ismaik.

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Well I imagine he invested a lot of money and hoped for big returns, so he must be worrying about losing even more money. Ismaik tried to blackmail the club into giving him more power by threatening not to invest any more money (which would have led to the club being denied license for the 2. Bundesliga even!) unless his conditions were fulfilled  - and this apparently happened before the relegation. He's obviously trying to consolidate more power, and if he can't get that, he might have decided that it's not worth it at all.

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It's the best for everyone involved. Get rid of that clueless idiot, start anew. They are lucky as they could start in Regionalliga Bayern, that's not a long way up if they start managing the club properly from there.

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20 minutes ago, Cannabis said:

The warning signs were there at the start of the season when they threw millions at the absolute mercenary that is Vitor Pereira. It looks as though their gamble hasn't paid off and now they're going to pay the ultimate price. 

It happens a lot in England (unfortunately) but its rather surprising to see this happen in Germany. I just hope for the fans sake that they can get their club back regardless of what league it competes in.

One quote is enough to understand the man's attitude:

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"It pains me immensely that the project failed," Pereira said.

It's a football club with history and fan base that is very much alive, not a "project" ffs.

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It gets worse and worse for 1860. It's official now, the required amount of money wasn't transferred today, so they are not getting the licence for 3. Liga and will have to continue in Regionalliga or below (this is not clear at the moment). More bad news: Ismaik still owes 60% of the kGaa with 49% voting rights and he is not going anywhere.

RIP 1860.

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  • 2 weeks later...

Latest developments:

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1860 Munich majority owner Hasan Ismaik to take legal action against German football ownership rules: 'It can't go on like this'

1860 Munich majority shareholder Hasan Ismaik says he will take action against German soccer's 50-plus-1 regulation, which limits the influence of external backers.

Ismaik owns 60 per cent of 1860 after saving the club from bankruptcy in 2011, but has only 49 per cent voting rights in keeping with the ownership rule. 

The rule is designed to ensure that the club's members retain overall control, protecting clubs from the influence of external investors. Ismaik wants more influence after persistent clashes with management.  

The Jordanian billionaire, who is at odds with what remains of the club's management, told Kicker magazine 'I always said I appreciate the German laws and stick to them. But we've come to a point where I say: "It can't go on like this". I'm preparing the lawsuit against 50-plus-1.' 

1860 were relegated from the second division but face further demotion after Ismaik refused to pay for its third-division license.  

They were due to make a payment, reportedly of between five and 10 million euros, to the German soccer federation for the licence by June 2.

However Ismaik said he wasn't prepared to pay because 1860 'refuses to make necessary changes to solve the many issues facing the club.'

The former chief executive of the club, ex-Liverpool head Ian Ayre, had resigned hours before the start of their relegation play-off defeat by Jahn Regensburg.

Source: https://www.dailymail.co.uk/sport/football/article-4585160/1860-Munich-owner-Hasan-Ismaik-legal-action.html

 

xD 

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  • 1 month later...

86% club members voted in favour of kicking Ismaik out of the club during the member assembly which took over 9 hours today. The club management has 6 months from now on to terminate the "cooperation contract" with the investor, I'm sure it won't be easy to do and there will be a lot of work for lawyers, but hopefully they'll manage.

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Maybe this could be the beginning of a good phase for Sechzig. Would feel like a big win for the fans should they get rid of Annie Wilkes. I also suspect that quite a few fans will prefer a packed Grünwalder Stadion to a half empty Alianz.  

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22 minutes ago, Relling said:

Maybe this could be the beginning of a good phase for Sechzig. Would feel like a big win for the fans should they get rid of Annie Wilkes. I also suspect that quite a few fans will prefer a packed Grünwalder Stadion to a half empty Alianz.  

Oh yes, it definitely looks like they finally feel back home again!

image-1168784-860_poster_16x9-iaxe-11687

It will become a problem again though if they manage to pick themselves up and get promoted, as the stadium is only suitable for matches up to and including 3. Liga , they'd need to find a new place if they were to get to 2. Bundesliga again... 

At any case, 1860 have their priorities right for now, looking to get rid of Ismaik, choosing new proper president and board of directors, and apparently, they even have found potential partners who would be willing to buy Ismaik's shares to finalise the transition. 

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